Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule I - Condensed Financial Information of Registrant

SCHEDULE I

Condensed Financial Information of Registrant

LOEWS CORPORATION

BALANCE SHEETS

ASSETS

December 31	2014		2013
(In millions)
Current assets, principally investment in short term instruments	$	3,959	$	3,350
Investments in securities		1,439		1,330
Investments in capital stocks of subsidiaries, at equity		15,974		17,264
Other assets		585		33
Total assets	$	21,957	$	21,977
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities	$	618	$	91
Long term debt		1,680		1,678
Deferred income tax and other		379		750
Total liabilities		2,677		2,519
Shareholders’ equity		19,280		19,458
Total liabilities and shareholders’ equity	$	21,957	$	21,977

STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

Year Ended December 31	2014			2013			2012
(In millions)
Revenues:
Equity in income of subsidiaries (a)	$	1,034		$	1,218		$	1,053
Interest and other		92			83			51
Total		1,126			1,301			1,104
Expenses:
Administrative		97			91			101
Interest		74			62			40
Total		171			153			141
Income before income tax		955			1,148			963
Income tax benefit		7			1			5
Income from continuing operations		962			1,149			968
Discontinued operations, net		(371	)		(554	)		(400)
Net income		591			595			568
Equity in other comprehensive income (loss) of subsidiaries		(59	)		(341	)		289
Total comprehensive income	$	532		$	254		$	857

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS

Year Ended December 31	2014		2013		2012
(In millions)
Operating Activities:
Net income	$	591	$	595	$	568
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Undistributed losses of affiliates		95		58		14
Provision for deferred income taxes		(62)		(376)		67
Changes in operating assets and liabilities, net:
Receivables		(2)		(1)		2
Accounts payable and accrued liabilities		200		511		(42)
Trading securities		(269)		(787)		(396)
Other, net		(23)		(59)		(13)
		530		(59)		200
Investing Activities:
Investments in and advances to subsidiaries		130		(669)		262
Change in investments, primarily short term		7		111		(158)
Other		(2)		(3)		(10)
		135		(561)		94
Financing Activities:
Dividends paid		(95)		(97)		(99)
Issuance of common stock		6		5		13
Purchases of treasury shares		(622)		(228)		(212)
Issuance of debt				983
Other		2		1		4
		(709)		664		(294)
Net change in cash		(44)		44
Cash, beginning of year		44
Cash, end of year	$	-	$	44	$	-

(a) Cash dividends paid to the Company by affiliates amounted to $782, $736 and $676 for the years ended December 31, 2014, 2013 and 2012.